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This article will educate first-time home buyers on the relationship between credit and mortgage loans, and why a thorough review of one's cre

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

dit should be part of your home buying process.

The Credit - Mortgage Relationship
Credit and mortgage loans go hand in hand. When you apply for a mortgage lo

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

n as part of the home buying process, the mortgage lender will review a number of your financial factors. One of those factors is your credit score, which is derived from

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

your credit report. Basically, the mortgage lender wants to know (A) your credit score, which they will use to assess the risks involved in loaning money to you, and (B) y

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ur ability to manage debt.

Reviewing Your Credit
Long before you apply for a mortgage, you take a look at your credit. The idea is to get the "lay of the land

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

" before a mortgage lender puts you under the financial microscope. At the least, this will help you avoid unpleasant surprises. At most, this will allow you to identify e

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

rors on your credit report and work to correct them.

Credit reports are maintained by three credit reporting companies. Chances are, you've heard of these companies befor

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

e. They are Experian, Equifax and TransUnion. Your credit score is derived from the information found in the three credit reports maintained by the three aforementioned co

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

panies.

Getting Copies of Your Credit Report
As part of a thorough credit-review process, you'll need to start by requesting copies of your credit report from

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

the three companies mentioned above. The easiest way to do this is to visit www.AnnualCreditReport.com. This is a joint website managed by all three of the credit reporti

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

g companies. By law, you are entitled to one free credit report per year, so you shouldn't have to pay anything if this is your first time.

Looking for Credit Errors
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
>
Once you receive your credit report, review it for errors or inaccuracies. Check the personal information to make sure it's correct. Look for loans or other lines o
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
f credit that are not yours (possible credit fraud), and anything else that doesn't seem right. If you find an error, visit the website of the company in question to submi
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
a correction request. Or call the company's customer service number and ask how to proceed.

Don't delay in correcting credit mistakes. The process takes time, so start i
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
t as soon as you find an error. Under the Fair Credit Reporting Act (FCRA), credit reporting companies bear full responsibility for correcting inaccurate credit reports. S
t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
don't be shy about asking them to do so!

Credit Report vs. Credit Score
Let's clarify the difference between a credit report and a credit score. When you ord
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
er your credit report, you won't receive a score. The score is usually determined by the mortgage lender, based on information found in the credit report. So if you want t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
know your credit score, you'll need to purchase it separately. You can obtain your credit score
.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
by visiting www.MyFICO.com.

Informational websites worth a visit:

My FICO:
www.myfico.com

Credit Advice from the Better Business Bureau:
www.bbb.org/Al
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
rts/article.asp?ID=616

Credit Section of About.com:
www.credit.about.com

Credit Learning Center at Home Buying Institute:
www.homebuyinginstitute.com/credit.ph

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Answers - Buying a First Home - How to Review Your Credit Report

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